IBT Staff Reporter

Shares of Avid Technology Inc jumped 25 percent to a six-month high after the maker of digital audio and video editing products reported a quarterly profit for the first time in four years.

The Los Angeles Clippers were dealt a blow as starting guard Chauncey Billups was ruled out for the rest of the NBA season with a torn left Achilles tendon, the team said Tuesday. He will also miss this year's London Olympics.

Veronika Szalai had just graduated from elementary school when Nokia, the Finnish phone maker, opened a factory by the Danube in Komarom. The 27-year-old, who has worked here for years, now faces unemployment as the company implements major layoffs.

Sprint Nextel posted a wider quarterly loss because of the higher costs of selling Apple Inc's iPhone and the popular device delivered a smaller-than-expected boost to subscriber numbers, sending the company's shares down 2 percent.

Stocks gave up early gains on Wednesday as the Dow hovered at its highest level in nearly four years and investors waited for Greece to accept tough reforms in exchange for a new bailout.

British satellite operator Inmarsat has not received any takeover approaches, a source close to the company said on Wednesday, after speculation had driven the shares up as much as 10 percent.

Google will pledge to license on fair and reasonable terms the patents it acquires through buying Motorola Mobility, said a person familiar with the matter, in a bid to allay regulatory and users' concerns.

Concerns about shrinking profit margins at Silicon Graphics International sparked a sell-off in the company's stock that wiped away a quarter of its value, a day after it posted weak quarterly results and slashed its full-year earnings outlook.

Germany's Deutsche Bank will defer any part of an employee's bonus above 200,000 euros ($264,800) this year, a source close to the bank said, making it the latest industry player to limit pay in the face of fierce criticism of the industry.

Growth in the world beer market picked up to reach 2.7 percent in 2011 as growth continued to strengthen driven by emerging markets, and is predicted to grow at 2.5 percent this year, industry research group Plato Logic said on Wednesday.

Supporters of bringing a Las Vegas-style casino to New York have launched an extensive ad and lobbying campaign in a push to gain public and political support for the governor's proposal.

Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.

If Daniel Radcliffe boasted the magical powers of his fictional Harry Potter character, he would probably turn the members of the Academy into toads.

The Weinstein Company's new video on demand label, Radius-TWC, has picked up Bachelorette, a Sundance movie starring Kirsten Dunst, the company's co-presidents, Tom Quinn and Jason Janego, said Tuesday.

As a part of a new deal between the city's hotels and their unions, personal panic alarms will be distributed to hotel staff members later this year.

Time will tell who will fill the recently vacated judge's chairs on The X Factor, but one thing's for sure -- it won't be Beyonce Knowles. At least, if Simon Cowell is to be believed.

An audit of the PA found the agency is dysfunctional and said the World Trade Center project is costing billions in cost overruns.

A U.S. district court judge pushed Dick Clark Productions and the Hollywood Foreign Press Association to end their bitter legal scuffle and reach a settlement.

Move over, Mad Men and Kim Kardashian. There's a new darling in U.S. pop culture, with a much posher accent and even fancier clothes.

Eight years ago, Rachel McAdams hit Hollywood's map in teary, romantic drama The Notebook. Since then, she has broadened her range of work to include laugh-out-loud comedies such as Wedding Crashers, adventure films like Sherlock Holmes and recently, the Woody Allen movie Midnight in Paris.

Talk show host Ellen DeGeneres said she was proud and happy that retail store J.C. Penney had stood by her in the face of a conservative anti-gay campaign, and said there was no such thing as a pro-gay bandwagon.

The Washington state House of Representatives was expected to endorse gay marriage on Wednesday in a vote that would move the state another step closer to becoming the seventh to recognize same-sex nuptials.

AOL Inc, which has been investing heavily in content to make up for declining revenue from dial-up Internet access, has hired an executive for the newly created position of chief content officer at its struggling Patch hyperlocal news network.

Cisco's earnings have had a way of crushing the dreams of optimists in the last two years.

CVS Caremark Corp raised its full-year profit forecast as it wins over former patrons of Walgreen Co who fill prescriptions with pharmacy benefits manager Express Scripts Inc .

After a bidding war between New Jersey and New York, the grocery chain will remain in New York, moving its bases of operations to a new facility in the Bronx.

Stocks edged higher on Wednesday as hopeful investors awaited the latest attempt by Greece to reach a deal on reforms in exchange for a new bailout.

Greek party leaders finally gathered on Wednesday to agree a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens.

Lucas van Praag, a Goldman Sachs partner and the global head of corporate communications for the firm will leave at the end of March, according to a memo obtained by Reuters.